The stock of Emera Inc (TSE:EMA) gapped down by $0.11 today and has $41.96 target or 7.00% below today’s $45.12 share price. The 8 months technical chart setup indicates high risk for the $9.13B company. The gap down was reported on Nov, 29 by Barchart.com. If the $41.96 price target is reached, the company will be worth $639.10M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 565,106 shares traded hands. Emera Inc (TSE:EMA) has declined 0.89% since April 25, 2016 and is downtrending. It has underperformed by 6.15% the S&P500.
Emera Inc (TSE:EMA) Ratings Coverage
Out of 8 analysts covering Emera Inc. (TSE:EMA), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. $60 is the highest target while $44.50 is the lowest. The $52.85 average target is 17.13% above today’s ($45.12) stock price. Emera Inc. has been the topic of 31 analyst reports since August 12, 2015 according to StockzIntelligence Inc. As per Wednesday, November 9, the company rating was maintained by Scotia Capital. The rating was maintained by RBC Capital Markets with “Outperform” on Tuesday, November 8. The stock has “Market Perform” rating given by Raymond James on Thursday, September 22. The firm has “Sector Perform” rating by National Bank Canada given on Tuesday, September 29. Scotia Capital maintained the stock with “Sector Perform” rating in Wednesday, August 12 report. The rating was upgraded by IBC on Wednesday, August 12 to “Sector Outperformer”. Desjardins Securities maintained Emera Inc (TSE:EMA) rating on Thursday, November 24. Desjardins Securities has “Buy” rating and $50 price target. On Wednesday, August 12 the stock rating was maintained by TD Securities with “Hold”. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, November 17 report. The stock of Emera Inc (TSE:EMA) earned “Market Perform” rating by BMO Capital Markets on Tuesday, September 29.
More news for Emera Inc (TSE:EMA) were recently published by: Marketwired.com, which released: “Emera Inc. Sells 50.1 Million Common Shares of Algonquin Power & Utilities Corp.” on May 17, 2016. Business.Financialpost.com‘s article titled: “Nova Scotia’s Emera Inc eyes Alberta to grow its clean power business” and published on December 16, 2015 is yet another important article.
Emera Incorporated is an energy and services firm that invests in electricity generation, transmission and distribution, as well as gas transmission and utility services. The company has a market cap of $9.13 billion. The Firm operates through six divisions: NSPI; Emera Maine; Emera Caribbean, which includes Emera Incorporated and its subsidiaries, which includes The Barbados Light & Power Company Limited, Dominica Electricity Services Ltd., Grand Bahama Power Company Limited, Emera Utility Services (Bahamas) Limited and an equity investment in St. It has a 18.29 P/E ratio.
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